During the first 7 months of 2024, Russian farmers insured 9.2 million hectares of crops and plantings of agricultural crops. This is 42% more than the previous year, according to the National Union of Agricultural Insurers.
Compared to the previous year, in the first 7 months of 2023, 6.5 million hectares of crops were insured.
Agricultural producers are actively using two insurance programs: "multi-risk" and "emergency situations." The insured area under each program is approximately the same, around 4.6 million hectares.
The use of the "emergency situations" program is growing most actively. Compared to the same period of the previous year, the insured area under this program increased by 87% (2.5 million hectares).
For the "multi-risk" insurance program, the growth was 15% (4 million hectares in the previous year).
Korney Bizhdov notes a sharp increase in demand for crop insurance in general, especially for the "emergency situations" program. Currently, farmers are sowing winter crops, and the campaign for their insurance is starting, which is carried out in the autumn. Winter crops are particularly susceptible to high risks. Just for the loss of winter crops sown in the autumn of 2023, insurers compensated farmers' losses amounting to over 1 billion rubles. The NSA urges agricultural producers to discuss insurance terms with insurance companies early.
